Key Highlights
-
The Euro traded positively during the past few days against the US Dollar, and currently looks set for more gains.
-
There are a couple of bullish trend lines formed on the hourly chart, which may act as a support for the Euro bulls.
-
Today, the German business sentiment index will be released by the CESifo Group.
-
The forecast is slated for a minor rise from the last reading of 106.2 to 106.3 in Sep 2016.
EURUSD Technical Analysis
The Euro managed to retain the bullish bias this past week versus the US Dollar, and currently the EUR/USD pair is trading above a major support area of 1.1200.
As mentioned, there are a couple of bullish trend lines formed on the hourly chart. If the pair dips from the current levels, then the Euro bulls may appear around the trend line support.
Overall, the trend remains positive, and the Euro may continue to gain traction moving ahead. The hourly RSI is also above the 50 level, which means the buyers are in action at the moment.
German Business Sentiment Index
Today, the Euro Zone will witness the release of the German business sentiment index by the CESifo Group. It is a closely watched as an early indicator of current conditions and business expectations in Germany, and in Sep 2016 it is forecasted to post a minor rise from the last reading of 106.2 to 106.3.
If the data exceed the market forecast, then the Euro may continue to trade higher.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
EUR/USD holds firm above 1.0700 ahead of German inflation data
EUR/USD trades on a firm footing above 1.0700 early Monday. The pair stays underpinned by a softer US Dollar, courtesy of the USD/JPY sell-off and a risk-friendly market environment. Germany's inflation data is next in focus.
USD/JPY recovers after testing 155.00 on likely Japanese intervention
USD/JPY is recovering ground after crashing to 155.00 on what seemed like a Japanese FX intervention. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
Gold price bulls move to the sidelines as focus shifts to the crucial FOMC policy meeting
Gold price (XAU/USD) struggles to capitalize on its modest gains registered over the past two trading days and edges lower on the first day of a new week, albeit the downside remains cushioned.
Ripple CTO shares take on ETHgate controversy, XRP holders await SEC opposition brief filing
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
Week ahead: FOMC and jobs data in sight
May kicks off with the Federal Open Market Committee meeting and will be one to watch, scheduled to make the airwaves on Wednesday. It’s pretty much a sealed deal for a no-change decision at this week’s meeting.